You are in Spain, have a record of income within the country, is credit worthy but in dire financial need? Then this piece is for you. But to start it off, we do not necessarily intend to encourage overindulgence and financial recklessness because payday loans will never cure such habits. Payday loans in Spain exist to save individuals out of their genuine troubles. The loans are generally easy to process, require less security and low in interest.
In Spain, payday loans come in handy, especially when friends and family cannot bail you out. When faced with an insurmountable problem, a payday loan is your one solution. It is one of the quickest ways to get money. Payday loans are perfect when you are faced with an emergency requiring cash such as paying for an internet subscription.
Payday loans can be described as short-time loans with high-interest rates. While these loans can come in handy, knowing their insane interest rates is paramount. It’s funny because when you need emergency funds, you overlook important facts like the interest rate. The best part about payday loans is you can access them via the internet. Your physical presence is not required.
Emergencies cannot be predicted. They strike when least expected. If your finances are not in order, payday loans can be what save you. However, in Spain, payday loans are not highly recommended because of their enormous interest rates. It is advised that you avoid payday loans and only take them as your very last resort.
How payday loans work in Spain
These days, a lot of payday loan lenders have emerged in Spain. They are making a killing in this business. You will find different lenders when you go to payday loans online in Spain. They all come with their terms and conditions. Therefore, it is up to you to choose which lender suits you. Most of the time, payday loans in Spain seem the only way to solve complicated financial challenges. You will be surprised how these loans can turn around such a complex financial situation.
Having said that, once you obtain a payday loan in Spain, just like in Bulgaria, you must return the borrowed money in the specified time. You will be given a couple of weeks to return the money. To get a payday loan in Spain, you must fill out an online application form with conditions and terms. After that, the amount requested is transferred to you.
In instances where you are unable to repay your payday loan within the specified time, you can roll it over. This means your loan is extended. Even though you will not pay the loan at the time, remember that the interest fee keeps going up. That is why it is paramount that you review the terms of the lender before taking out a payday loan in Spain.
The Top Payday Loans in Spain
The following are some of the top companies offering payday loans in Spain:
Prestamer
At Prestamer, your credit history does not matter. After making an application, you can get your loan in 4 minutes and you do not have to leave your home as everything is done online. Another good thing about this lender is that you will get 0% interest on your first loan.
Prestamer approves about 90% of the applications. All you must do is register and then enter your personal data such as your name and address. You will then have to choose a bank account where you wish to receive the money. After that, you can sign the contract and receive the money. If you repay the loan early, you will not be charged anything. Besides, there is a possibility of having an extension of 21 days.
Twinero
You can borrow between €50 to €300 at Twinero. Besides, if you are a returning customer, you may get up to €800. Your transfer just takes 15 minutes to be in your account. Luckily, you can also get extra money without endorsement and paperwork. It works in a way that, if you borrow €300 for 30 days at this firm, the total amount that you will repay is €405.
Credit Star
Credit Star provides flexible consumer loans to the consumers. The company has over 1 million registered users. Besides, everything is 100% online meaning you can do it from the comfort of your home. The good thing about the company is that there are no hidden fees and the application process is easy. You can borrow between €50 to €1000.
Advantages of payday loans in Spain
Let’s look at some of the advantages you will gain when you choose to go for payday loans in Spain;
No specified reason
The best part about payday loans is you do not need a specified reason to access these loans. You can get payday loans and use them for any reason. This means you are not limited to using payday loans for emergencies only. This is one of the best advantages of getting an online payday loan in Spain. You have no restrictions whatsoever.
Extremely fast
What you will love about online payday loans in Spain is they’re pretty fast. Once you tender your application, the entire process will take not more than 24 hours, and you will get your money. This means if you require cash quickly, you don’t have to wait for long periods before receiving it. Payday loans in Spain are your perfect savior during those critical moments when you require money right away.
No prepayment penalties
If you decide to pay off your payday loan in Spain earlier than the given period, you can do it. You don’t have to worry about prepayment penalties because none are involved. Isn’t this great, especially if you want to pay off your loans as quickly as possible? Rest assured that you will not be penalized for paying your debt sooner rather than later.
Safe and secure
Payday loan in Spain is one of the safest and most secure means of borrowing money. This is one of the best advantages of choosing an online payday loan because you are assured of security. Payday loans in Spain are regulated and monitored by the government. This means you are getting the best value. The entire process of getting the money is done online, which is one of the ways your safety is safeguarded.
Unsecured loan
You don’t have to worry about your credit score when using payday loans in Spain. No matter how poor your credit history is, you can still get money without using assets as security. This is a major advantage of using payday loans in Spain. This means that payday loan lenders give unsecured borrowing. With this, you do not have to put any of your personal property at risk.
Disadvantages of payday loans in Spain
As much as there are several advantages of taking payday loans in Spain, there are some drawbacks. They include high-interest rates, debt cycle, predatory, and others.
High-interest rates
Payday loans in Spain come with high-interest rates. This is one of the significant reasons you should avoid getting a payday loan. Their high-interest rates are said to be higher than the interest rates on credit cards as well as personal loans.
Unhealthy financial behaviour
While getting a payday loan is relatively easy and convenient, it’s only a temporary solution for a recurring financial problem. Getting easy cash is a downside. The best solution would be to solve the underlying problem. The more you get payday loans, the more you enhance unhealthy financial habits. You have to stay away from payday loans to avoid financial troubles in days to come.
Chances of creating a vicious debt cycle
Getting caught in a debt cycle is very easy once you start indulging in payday loans. In Spain, payday loans can be repaid within two weeks; however, many borrowers take longer than that. Once you stay in debt for much longer, the fees and interest rates go up. You end up getting caught in a repeat cycle that you cannot control of rolling over the loan.
Payday loans can be predatory
Payday loans in Spain are considered predatory. This means they target those with a lousy credit score. Low-income earners fall prey to payday loans. Many lenders have been using this approach over the years. That makes payday loans an unfriendly financing option.
